Mumbai based Atomberg Technologies raises $20 million
- ByTejika Bajaj | December 17, 2021
Mumbai based Atomberg Technologies recently announced that it has raised an aggregate sum of $20 million in a funding round led by Jungle Ventures. The round also registered participation from Inflexor Ventures and existing investors A91 Partners as well as noted angel investor Ramakant Sharma (co-founder of Livspace).
The freshly infused capital is likely to be utilized by the startup for setting up a new state-of-the-art manufacturing facility, scaling-up research and development activities to facilitate category expansion initiatives, as well as to ramp up investments on new distribution and brand. The company co-founders have revealed that Atomberg intends to open a new manufacturing unit in Chakan, Pune.
Talking about the recent investment made in technology led consumer platform, the VP Investments at Jungle Ventures, Arpit Beri stated, “Manoj and Shibam have done a commendable job in disrupting a traditional appliance category of fans in India. With the team’s R&D focus and mindset, they have built a deep innovation pipeline for small appliances backed by breakthrough technology. With Atomberg, we see a huge potential to create a horizontal small appliance electronics brand in India and beyond. It’s a fantastic business with a tremendous growth potential, and we are incredibly excited to partner with the team, and support their next stages of growth.”
Founded in 2012 by Manoj Meena and Sibabrata Das, Atombeg is a technology led consumer product which introduced the ‘Brushless DC Motor’ (BLDC) technology for ceiling fans in India. Atomberg says its fans are more energy efficient and consume 65% less energy compared to traditional induction motors. Not only that, the fans can be connected to the smart appliances in the house, and can run 3x longer on inverters.
Jatin Desai, Managing Partner at Inflexor Ventures in a statement said, “We have had the privilege of working with Manoj and Shibam early in their journey and have been very impressed with the way they have grown over the years. We are very pleased to back Atomberg Technologies from Inflexor in their next phase of growth where they will continue to scale up and disrupt the consumer durables landscape with smart application of technology.”
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